Former President Donald Trump stated that Iran has informed the U.S. it is in a “State of Collapse” and seeks to reopen the Strait of Hormuz. His announcement on Truth Social coincided with a drop in oil prices below $100 per barrel. Concurrently, Bitcoin declined to a weekly low under $76,000, extending losses after a rejection near $79,500. Market attention also focuses on the upcoming Federal Reserve interest rate decision.
Former U.S. President Donald Trump announced on his social media platform that Iran had “just informed us” it entered a “State of Collapse.” He further stated that Iranian authorities want to reopen the Strait of Hormuz quickly as they try to “figure out their leadership situation.”
Trump’s comments came as oil prices had surged to just over $100 per barrel. The price of USOIL had previously plunged below $80 when Iran reportedly promised to reopen the Strait but quickly closed it again.
Following Trump’s statement, USOIL dipped below the $100 level. The price remained there at the time of reporting.
Meanwhile, Bitcoin’s price continued its 24-hour downturn, slipping below $76,000 to mark a weekly low. The asset was rejected at $79,500 the previous day, losing over $3,500 since that point.
All eyes are also on the conclusion of the third FOMC meeting, where the Fed is expected to maintain key interest rates. Bitcoin’s price has declined after every such meeting over the past year, even without rate changes.
